Natural Resources

question 221

Multiple Choice

Natural resources

• A) are inputs provided by nature.
• B) are inputs such as land,rivers,and mineral deposits.
• C) take two forms: renewable and nonrenewable.
• D) All of the above are correct.

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Definitions:

Full Employment

This term refers to the condition where all available labor resources are being used in the most economically efficient way, with no involuntary unemployment.

Production Possibilities Curve

A graph that shows the different quantities of two goods that an economy can produce with fixed resources and technology.

Human Economic Wants

Desires that require resources to satisfy, emphasizing the economic aspect of needs and desires.

After-Tax Income

The amount of net income left after all taxes have been deducted.